Co-ops Push Back Against Bills to Speed Application Process

For years, co-op boards have fended off legislative efforts to rein in their considerable powers – especially on the thorny issue of how they screen prospective buyers. This year is no different. Bills before the New York State Senate and New York City Council are looking to put time limits on co-op boards as they review purchase applications. And co-ops are pushing back. The battle has been joined.

“We are looking for people to move into the buildings who will be financially secure and can afford the mortgage,” says Stephen Budihas, president of the Association of Riverdale Cooperatives and Condominiums, which represents over 20,000 units in 130 buildings. “I don’t know of a single shareholder or condo unit-owner who lives in any of our member buildings who failed on their mortgage or monthly maintenance during the mortgage crisis in 2008-2009. That speaks volumes to the quality of review each of these boards of directors conducted.”

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